BT7.1

BT7.1

12th Grade

10 Qs

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BT7.1

BT7.1

Assessment

Quiz

Professional Development

12th Grade

Practice Problem

Medium

Created by

Timur Ananyev

Used 7+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of microeconomics?

The study of aggregate behaviour in the economy

The study of the economic behaviour of individual consumers, firms, and industries

The study of wealth creation

The study of government policies

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to demand when the price of a good falls?

Demand decreases

Demand increases

Demand remains constant

Demand becomes elastic

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for a decrease in demand when the price rises?

Elastic demand

Increase in demand

Contraction in demand

Expansion in demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a condition that affects demand?

Production costs

Income

Population

Tastes

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the price elasticity of demand (PED) measure?

The cost of production

The total demand in the market

The responsiveness of demand to changes in price

The relationship between supply and demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does an upward shift of the supply curve indicate?

Lower production costs

Increased supply at existing prices

Decreased supply at existing prices

Higher production costs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is equilibrium in a market?

When demand and supply are equal

When supply exceeds demand

When prices are fixed

When demand exceeds supply

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